New study will guide development in downtown Albany

Seven teams of consultants — including one of the largest government lobbying firms in Albany, NY — are competing for the contract to create a plan that will guide future development in downtown Albany.

Officials would not disclose the cost of the plan, but said it would be paid for by Capitalize Albany Corp., a nonprofit that serves as the city’s economic development arm. Donations also are being sought from businesses and downtown supporters.

The “tactical plan” as it’s called, would set goals and suggest ways to establish an identity for downtown at a time when there are encouraging signs, such as new residential units. Downtown also has a high vacancy rate for office space, and few retailers other than bars and restaurants.

One example of what the consultants would be asked to do is suggest new policies for awarding financial incentives to encourage new investments, said Michael Yevoli, commissioner of development and planning.

Another aspect of the study will include recommendations for how to spend $5.5 million in state and federal grants the city has received to improve the waterfront. One project on the table is a covered stage at the Corning Preserve where the popular Alive at Five concert series is held in the summer.

Capitalize Albany Corp. received 14 proposals for the study, and narrowed the list down to seven teams.